In The News

The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief to U.S. citizens amidst the COVID-19 pandemic, including an economic impact payment. While there is no qualifying income requirement for these checks, there is a phase-out in place that may affect you. Because of this unprecedented situation, scammers are taking advantage of the confusion and uncertainty these checks are presenting and it's important to be diligent and informed.  Do not provide your banking information to anyone via phone or email!

There is no qualifying income requirement. If you filed a tax return for either 2019 or 2018, you will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples who file a joint return, plus $500 for each qualifying child.  A qualifying child is deemed as under the age of 17.

If your adjusted gross income was less than $75,000 (individual) or $150,000 (married filing joint), you will receive the full payment. The payment amount is reduced by $5 for each $100 above the $75,000/$150,000 amount. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

In addition, taxpayers who owe back taxes will also receive the payment.

The stimulus checks will be automatically deposited by the end of April into the same banking account reflected on the 2019 or 2018 return filed. To ease the worry, the Treasury plans to develop a web-based portal allowing individuals who have not recently submitted banking information to the IRS to do so, enabling them to receive payments immediately.

Please note: The IRS will deposit the check into the direct deposit account you previously provided on your tax returns. By mid-April, the IRS will have a newly designed secure portal for those who have not provided a direct deposit account. If the IRS does not have this information, the check will be mailed to the address on file. 

If you have already filed your 2019 tax return, you do not need to contact me. If you have yet to file, you have an extension until July 15, 2020, to file and pay any tax due. 

As always, I am here for you during these trying, and often confusing, times. COVID-19 is affecting each of us in a unique way, and I am proud to be a reliable, comforting resource for you as we continue to move forward. Please stay safe, stay home and stay healthy!

For additional information, please visit the  IRS website at www.irs.gov or click on the link below.  Click on "Get Info on Economic Income Payments."

The IRS announced filing season will begin on Monday, Jan. 27, 2020.  Appointments are being accepted beginning Monday, January 20, 2020.  Due to the COVID-19 pandemic, the tax deadline has been extended to July 15, 2020.  Extensions are not required to be filed this year. 

#April 12, 2020

By law, the IRS cannot issue refunds before mid-February for tax returns that claim the Earned Income Credit or the Additional Child Tax Credit.

• This applies to the entire refund, even the portion not associated with these credits.
• While the IRS will process your return when it is received, it cannot issue related refunds before mid-February.
• The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 15, 2020, if they chose direct deposit and there are no other issues with the tax return.

#Jan 7, 2020

The IRS began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it.  The IRS will always notify a taxpayer before transferring their account to a private collection agency (PCA). First, the IRS will send a letter to the taxpayer and their tax representative informing them that their account is being assigned to a PCA and giving the name and contact information for the PCA. 

#Jan 1, 2020

Aggressive & threatening phone calls by criminals impersonating IRS agents remain to be the top of the phone scams list. It has been a persistent and pervasive problem for many taxpayers for many months. Scammers are able to alter caller ID numbers to make it look like the IRS is calling. They use fake names and bogus IRS badge numbers. They often leave “urgent” callback requests. They prey on the most vulnerable people, such as the elderly, newly arrived immigrants and those whose first language is not English. Scammers have been known to impersonate agents from IRS Criminal Investigation as well.

#Jan 1, 2020

The PATH act law prohibits the IRS from releasing tax refunds prior to February 15thfor taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) tax credits.  The law may create tax refund delays up to six weeks or more.Therefore, any returns claiming the EITC or ACTC credit(s) that is prepared in the early part of the filing season will not be released for up to 4 weeks instead of the standard 21 days or less timeframe.The delay is to help prevent fraud due to identity theft and refund fraud. For more information, visit www.irs.gov. 

#Jan 1, 2020